“In a signal that partisan squabbling in the nation’s capital may be reaching new levels of rancor, a key Republican regulator is pursuing an unusual avenue to overturn a Wall Street reform rule issued by his own agency. Scott O’Malia, one of five commissioners who lead the Commodity Futures Trading Commission, is asking a powerful White House office that has no actual authority over the CFTC to assess his agency’s work.”
“If the Office of Management and Budget were to take O’Malia up on his suggestion, it would radically change the way some federal regulations are written and severely hamper implementation of a host of rules mandated by the 2010 Dodd-Frank Act.”
“It would also be illegal, according to Dennis Kelleher, president of Better Markets, a nonprofit financial reform advocacy group. Kelleher points out that the CFTC is an independent federal agency exempt from oversight by White House offices in order to avoid political interference in the technical regulatory process.”
Read full Huffington post article here.